A mysterious “whale” has been buying bitcoins without counting since the beginning of the month. This is a sure sign.
Whale song?
The “whale” again bought 859 BTC this Wednesday. After 539 BTC the day before and 1,178 BTC the day before again. This bulimia has been going on since the beginning of November.
The address bc1….srq64 now holds over 11,260 BTC, the equivalent of $426 million. This is the seventy-third most provided address in the world:
The fact that whales are resurfacing is also a very good sign. They are always there for the bull-runs. The data of Glassnode on this subject are very telling.
The following graph reflects the quantities of BTC found across all bitcoin addresses over time. The first band represents addresses of more than 10,000 BTC (whales). The second shows addresses holding between 1000 and 10,000 BTC, etc.
The more the band turns blue, the more bitcoins the addresses in question accumulate. The more the band tends towards red, the more the addresses are relieved of it.
We have observed unanimity since October. All addresses are accumulating bitcoins, strongly suggesting that market sentiment has indeed turned around:
Currently, more than 16.3 million BTC are in the green (BTC traded at a price lower than the current price). This equates to 83.6% of the circulating supply. In other words, only 16% of BTC is in the red.
From a statistical point of view, these percentages are historically significant. The figure of 83.6% is well above the historical average value of 74%. Which is generally a sign that a bull run is in the making.
The price of bitcoin continues to rise and is approaching the psychological mark of $40,000. A breakout could result in a new popular craze driven by FOMO.
For Standard Chartered Bank, $100,000 is in its sights!
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